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1999 First Quarter Activities Report

First Quarter Highlights

The following results were achieved compared with the 1998 first quarter:

  • Production volume increased by 19.5% to 12.0 million boe
  • Sales volume increased by 17.0% to 11.0 million boe
  • Sales revenue increased by 13.6% to $181.8 million

Comment by Mr Ross Adler, Managing Director:

Production, sales and revenue all grew strongly during the quarter. The 13.6% increase in sales revenue was particularly pleasing considering that crude oil prices received were 16.3% lower in Australian dollar terms than in the corresponding quarter of 1998.